When you’ve been in the grind of running your business for a while, there inevitably comes a point where you begin to daydream about selling and moving on.
But the actual sale can often show up right out of the blue.
Don’t get caught off guard by a lack of preparedness.
First, think:
- What would you want to see if you were the prospective buyer?
- How do your assets compare with your liabilities?
- What’s your income stream?
Then, make sure your annual financial statements are on hand and have been combed over by a professional to spot problem areas and get things up to date.
This way you can highlight your best numbers so you're ready for that eventual buyer... even if they come around out of the blue.
This one sounds pretty straightforward, but with the IRS juggling over 200 million different tax accounts, mistakes are unfortunately bound to happen.
You have the right to have mistakes corrected and receive refunds when you are charged too much in tax, penalties, or interest.
The IRS has certain legal deadlines they must adhere to in regards to many tax matters.
These deadlines are not negotiable -- they are the law -- and if the IRS tries to waffle on one of them, you have the right for that to be corrected.
These deadlines can have a significant impact on what you’re billed by the government, so they’re worth paying attention to.
There is a difference between income and wealth.
Tax returns aren't about wealth -- they're about "income", and how that is defined.
Business owners have access to powerful tax advantages that wage earners do not. This is true for smart business owners the world over.
This is why we do what we do ... to increase those advantages on YOUR behalf. We've got you covered on the taxation front.
This might sound like a joke.
But it's true: when you actually do speak to somebody at the IRS, they’re supposed to be professional and courteous while explaining your options and requirements as simply as possible.
The IRS isn't allowed to threaten or harass you in an aggressive manner.
What’s also interesting about this right is that if you’re not receiving “quality service,” then you have the right to speak to any IRS employee’s immediate supervisor.
This ability to escalate issues can come in handy when trying to get things done.
Donating (and receiving) cryptocurrency can be a challenge for donors and charities. These tips should help steer both parties in the right direction.
The Fulcrum in Crypto Donations and the Weight of a Widened Donor Pool
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Some successful investors in cryptocurrency would like to share their gain with those in need but find there is not a clear path to do so. Priya Prakash Royal looks at the options for donors and consi...
If you’re like a lot of timeshare owners, your vacation went by the boards in a big way last year (maybe this year, too), and your timeshare points went right down the drain.
Sure would be nice if a) somebody could use what should’ve been your week on the beach and b) you could still get some money out of the deal.
For your taxes, though, renting or selling your timeshare points can get sticky... but there's no need to navigate this sticky situation alone.
We'd love to talk timeshare points and taxes. Give us a call.
Did you know there's a Taxpayer Bill of Rights?
Yes, you actually have rights when it comes to the IRS.
Let's start with the first one: The Right To Be Informed.
You have the right to know what’s going on with your tax matters, and the IRS is required to communicate with you in a clear, plain English manner about what you need to do and when.
If the IRS expects people to actually comply with tax laws, how to do so needs to be made as clear as it possibly can be.
If you’re having an issue with the IRS, such as a tax debt or audit, they have to clearly explain what they’re doing and why as well as explain what your options are and what they expect of you.